According to an official with the State Economic and Trade Committee (SETC), China has simplified the approval process for technical renovation projects.
Three procedures of the process, the project proposal, industrial assessment and equipment purchase, have been removed, with four procedures retained, namely, the feasibility study, project upgrade design, bank's support for the loans, and environmental evaluation.
Eventually, the technical renovation project will, as the official said, be put under a registration and record system instead of the current system of administrative examination and approval.
The official also added that the SETC will still adopt the administrative method when dealing with investments concerning national strategic interests.
(Xinhua 06/15/2001)
